Bitcoin May Stay in Downtrend Until End of 2024

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Current Situation Analysis
  2. Optimistic Scenario
  3. Moderate Scenario


    4. Popular cryptocurrency analyst Benjamin Cowen shared his opinion on the current situation with Bitcoin and possible trends for the near future.

    Current Situation Analysis

    According to well-known cryptocurrency analyst Benjamin Cowen, Bitcoin could continue its downtrend until the end of 2024. He links this to the US Federal Reserve's (FED) interest rate decisions.

    Optimistic Scenario

    The analyst believes that if the neutral rate is higher than the FED's expectations, the downtrend of Bitcoin could be broken with rate cuts. "If the FED lowers rates and they fall below the neutral rate, the downtrend may end in September. However, this is an optimistic picture,” Cowen noted.

    If the neutral interest rate is higher than the FED thinks, the downtrend could be broken in October as interest rate cuts come.Benjamin Cowen

    Moderate Scenario

    In a moderate scenario, the analyst predicts a continued decline until the end of the year. According to Cowen, to end the downtrend, a rate cut of approximately 75 basis points is needed, which is possible only by the end of the year. "Then we can start to rise again in January 2025," the analyst concluded.

    An interest rate cut of approximately 75 basis points is needed to end the downward trend. This can only happen by the end of the year.Benjamin Cowen

    Summarizing his thoughts, Benjamin Cowen noted that the cryptocurrency market will depend on the decisions of the US Federal Reserve, especially regarding interest rates.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Zcash's Impressive Market Performance and ETF Launch

chest

Zcash has experienced a remarkable price increase, gaining over 2,300% in the past year, aided by the launch of Grayscale's Zcash ETF.

user avatarLucas Weissmann

Zcash Surpasses $1,000 Mark, Achieving New All-Time High

chest

Zcash's price broke above $1,000 for the first time in nearly a decade, marking a significant milestone in its market performance.

user avatarRajesh Kumar

Trezor Implements New Security Measures After Data Breach

chest

Trezor is enhancing security measures, including anonymous delivery options, in response to a data breach affecting 67,000 customers.

user avatarFilippo Romano

Data Breach Affects 67,000 Trezor Customers

chest

A data breach at shipping provider ShipMonk has exposed personal information of 67,000 Trezor customers in the US.

user avatarEmily Carter

BAI Establishes Global Settlement Layer for AI Agents to Enhance Collaboration

chest

BAI is building a global settlement layer to enhance collaboration and efficiency among AI agents across various workflows.

user avatarTomas Novak

BAI Launches Free Access to Premium AI Models, Surpassing 133 Trillion Daily Tokens

chest

BAI has launched free access to its premium AI models, leading to a significant increase in platform activity and user adoption.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.